In an article published on December 1 in the Tages-Anzeiger, Alfred Gantner stated that the increasing concentration of wealth among a small group of people is a major global issue.

Gantner, co-founder of private equity firm Partners Group and currently worth 3,5 billion USD according to Forbes, emphasized the social imbalance. "We cannot allow a few individuals in this country to possess such vast fortunes, while others struggle to afford rent and health insurance," he said. While acknowledging luck plays a role in accumulating wealth, Gantner does not support inheritance taxes, citing their susceptibility to evasion. Instead, he proposes a progressive wealth tax: for example, 1% on assets exceeding 200 million Swiss francs, 1,2% on 500 million USD, and 1,5% on 1 billion USD.

Gantner's comments came after Swiss citizens voted on November 30 against a proposal to impose a 50% tax on inherited assets of 50 million Swiss francs (62 million USD) or more. An overwhelming 78% of the public opposed the plan, a higher percentage than initial polls predicted.

Warning of future implications, Gantner stated that without efforts to address this issue, "individuals like Elon Musk, Mark Zuckerberg, and Alfred Gantner will accumulate even more wealth in the next 20 years." Switzerland is a leading global wealth management hub, with approximately 2,500 people holding assets of 50 million Swiss francs or more, totaling around 500 billion Swiss francs.

Swiss billionaire Alfred Gantner currently holds over 3,5 billion USD. Photo: Climeworks

Swiss billionaire Alfred Gantner currently holds over 3,5 billion USD. Photo: Climeworks

Wealth taxation has become a globally debated issue, particularly amidst rising public debt and increasing income inequality. In Europe, Switzerland, Spain, and Norway currently implement various forms of wealth taxes on assets above certain thresholds. France and the United Kingdom are also discussing the concept to reduce budget deficits. However, not all billionaires share Gantner's view. In September, LVMH chairman Bernard Arnault, Europe's wealthiest individual, criticized a proposed 2% tax on assets exceeding 100 million euro (117 million USD). He argued such a tax could harm the French economy by prompting wealthy individuals to leave the country.

Ha Thu (according to Reuters)